Editorial Board
What the Next Stimulus Should Look Like
A new plan should guide Congress in designing another CARES Act.
More help needed.
Photographer: Drew Angerer/Getty Images
So far, the U.S. economic-policy response to the coronavirus crisis has been impressive. Nobody could accuse Congress and the Federal Reserve of being timid about supporting output and employment.
Even so, their work is just getting started. The recovery is underway, but it follows an extraordinarily deep decline. If all goes well from here — a big if — it will take months and maybe years to get back on track. Meanwhile, several of the emergency budget measures included in the recent CARES Act and other pandemic legislation will soon expire. The economy needs a new round of fiscal support.